Impact Boards EM hosted the next exclusive Boards' Tearoom networking event for our Directors' Circle and Chairs' Circle members.

Corporate governance across Central Asia is evolving at a remarkable pace. Over the past five years, more than 70 independent board members have been appointed to state-owned banks and corporations in the region – a strong signal of progress and commitment to reform.

At the same time, being a board member in Central Asia can present unique challenges. For many state-owned enterprises, the principles of modern corporate governance remain relatively new. Cultural factors, entrenched practices and questions about the depth of commitment to genuine transformation often complicate the role.

In this discussion, we explored both the opportunities and the hurdles of serving on boards in Uzbekistan, Kazakhstan and neighbouring countries. We examined what makes the Central Asian corporate governance landscape distinctive – from the promise of modernisation and growth to the challenges of navigating evolving practices, regulatory frameworks and cultural dynamics.

The session highlighted the advantages and disadvantages of board service in Central Asia, providing practical insights into how independent directors can add value, foster transparency and support the region’s ongoing transition toward stronger governance standards.

Moderator Olga Pascault, Impact Board EM's Co-Founder, was joined by speakers Odilbek Isakov and Firouza Iskhakova.

Odilbek Isakov
Odilbek is the CEO and Co-Founder of two advisory firms: Finasia Capital – corporate finance advisory supporting emerging markets companies raise debt and equity and Infrasia Capital – infrastructure advisory supporting the sponsors and project beneficiaries to structure and finance emerging markets infrastructure projects.

He is a seasoned corporate finance professional across private and public sectors with over 20 years of experience.

At HSBC, he was the Debt Finance originator significantly contributing HSBC's Top 3 DCM business across Central Eastern Europe, Middle East and Africa.

At the Uzbek Ministry of Finance, Odilbek was in charge of the Debt Management Office, State Treasury, Capital Markets Authority, Public-Private Partnership Agency, helping the government access global markets, liberalise and transition to market economy and increase private sector participation.

You can view Odilbek's LinkedIn profile here.

Firouza Iskhakova

Firouza is a development banking expert with over 24 years of experience, recognised for a strategic and hands-on approach to leading successful EBRD debt and equity projects across the Central Asia, the Caucasus and the Western Balkans.

She has a strong track record of optimising project performance, leading cross-functional teams and establishing high-level relationships with financial institutions, donors, international investors and local authorities.

Firouza has proven leadership as a Chair and Board committee member of over seven years of experience, leveraging deep industry knowledge and an influential network to deliver sustainable growth and impactful results.

You can view Firouza's LinkedIn profile here.

This event took place in the The Clubroom at the Royal Automobile Club on Wednesday 8 October 2025.